5 largest operational risk losses: October 2021

  • 11 November 2021

Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in October 2021.

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The ORX News service works by searching global media outlets for operational risk loss events. Our team of multilingual researchers summarise the stories and classify them with the relevant information such as the sector, business line, event type and scenario category. This means you can easily use the service to enhance your scenario generation process, monitor important risk trends and raise awareness of operational risk events.

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Top 5 op risk losses reported by ORX News in October 2021

1. ING – $209.6m

ING provisions EUR 180 million over interest calculations on revolving credit. 

Business Line: BL0301 Retail Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary

2. BXH – $139.2m

BXH loses USD 139.2 million after hacker exploits administrator private key.

Business Line: BL0501 Cash Clearing
Event Type: EL0201 External Theft & Fraud

3. Cream Finance – $132m 

Cream Finance loses USD 132 million in crypto assets in flash loan attack.

Business Line: BL0501 Cash Clearing
Event Type: EL0201 External Theft & Fraud

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4. Commonwealth Bank of Australia – $111.1m 

Colonial First State to pay AUD 150.1 million for misleading superannuation fund clients.

Business Line: BL0301 Retail Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary

5. Not identifiable – $35m

Bank manager approves USD 35 million transfer from client account in deep fake voice clone scam.

Business Line: BL0401 Commercial Banking
Event Type: EL0201 External Theft & Fraud

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The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.

Top 5 chart October 2021

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - October 2021

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ORX News is an industry-leading provider of publicly reported operational risk loss events. Financial firms around the world use the service to monitor operational risk losses and understand trends.

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